Circle (USDC) Will Support Ethereum’s PoS Merge Chain Only, No Room For Hard Forks

Summary:

• USDC stablecoin Issuer Circle has plans to solely enactment the Ethereum Proof-of-Stake concatenation post-merge.
• Circle announced the determination connected Tuesday amid rising speculations regarding a Proof-of-Work hard fork by large Ethereum miner Chandler Guo.
• The integer plus steadfast stated that lone a “single valid version” of USDC tin exist.
• Circle’s stablecoin is the largest ERC-20 plus connected ETH’s web with a marketplace headdress of implicit $45 billion.
• More firms person openly confirmed their enactment for the Merge arsenic the watershed infinitesimal draws closer.
• Core ETH developers antecedently acceptable September 19 arsenic the day for the pivotal power to a PoS consensus.

Circle, the issuer of crypto’s 2nd largest centralized stablecoin USDC, announced connected Tuesday its intentions to afloat enactment the Merge, Ethereum’s power to a Proof-of-Stake consensus. 

The quality comes astatine a clip erstwhile speculations person flooded the crypto assemblage regarding imaginable hard forks of Ethereum’s existent Proof-of-Work chain. Chandler Guo, a salient ETH miner based successful China, supposedly plans to prolong ETH’s PoW concatenation by forking the network. 

Chandler Guo’s program would make a caller concatenation and ecosystem wherever miners stay applicable if the determination goes arsenic intended. Tron laminitis Justin Sun said helium would donate 1 cardinal ETH to the caller chain, arsenic antecedently reported. 

While Sun is unfastened to the ETH PoW hard fork idea, Circle’s announcement revealed that the steadfast would lone enactment the PoS web post-merge. Tuesday’s announcement stated that “USDC arsenic an Ethereum plus tin lone beryllium arsenic a azygous valid version”. 

The USDC issuer added that their sole program is “to afloat enactment the upgraded Ethereum PoS chain”.

At property time, USDC is some the largest ERC-20 plus connected the ETH concatenation and the largest dollar-backed stablecoin token connected the network. USDC has grown to scope a marketplace headdress northbound of $45 cardinal since it launched connected ETH’s concatenation backmost successful 2018.

USDC Market Cap (Source: CoinMarketCap)

Crypto Companies Declare Their Stance On Ethereum’s Merge And Hard Forks

Circle is the latest steadfast to openly corroborate enactment for the Merge. Earlier today, DeFi aggregator DeBank shared a akin announcement. Ethereum-based oracle protocol Chainlink besides pledged afloat enactment for ETH’s PoS modulation earlier this week. 

Notably, each 3 firms stated their enactment exists solely for the Merge leaving small to nary country for hard forks.